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Central Bank of Nigeria (CBN) announces a new scheme to boost the economy.

The eNaira, Nigeria’s Central Bank Digital Currency (CBDC), went online at 1:00 p.m. yesterday after being unveiled by President Muhammadu Buhari at the State House in Abuja.

The eNaira was created by Bitt, a fintech firm that was also responsible for the introduction of CBDC in various East Caribbean countries.
Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), said 500 million eNaira had already been issued, with 33 institutions fully integrated and operational on the platform.
The digital currency software, as well as accompanying merchant wallet, are now up and ready to use. eNaira speed wallet and eNaira merchant wallet are both accessible on Google Play and Apple App Store.

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The CBN has also published regulatory guidelines of the currency on its website. “The guideline seeks to provide simplicity in the operation of eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimising inherent risks of disintermediation of any negative impact on the financial system.”

For the next 90 days, all transactions on the site would be free, according to the apex bank. However, it added that at the end of the specified period, it will revert to its advice on applicable charges by banks and other financial institutions.

The CBN stated that Electronic Funds Transfer below N5,000 is charged N10; N5,001 – N50,000 is charged N25 and for above N50,000, a N50 charge is associated.

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